They still need to make money.
If you sell at a loss you don't make it up in volume, you just create a larger loss.
A number of posters will comment that they will make this up in Game sales. Understand that it is more than just that. Sony won the format war because of the PS3. Now BD makers, and content producers pay money to Sony to release both the BD players and BR content. That's a pretty big financial win for Sony. In addition, they earn revenue from the Sony online store. If they would uncripple the HV, I would purchase a second as a PC at the drop of a hat.
Sony, Please sell a new PS3 model. Get rid of the HV, change the color to white, call it the PS3 PC edition, and charge $749 for it. The thinkgeek crowd would eat it up.
BBH